Bolt, a developer of online checkout software, became a symbol of overheated startup funding during the pandemic thanks to its $11 billion valuation—more than 300 times its revenue—as well as its outspoken co-founder, Ryan Breslow, and revelations that its most prominent customer was suing it over allegedly faulty technology.

As startup markets sour, Bolt is trying to become a symbol of the new, leaner environment: After laying off around 250 employees last week, Bolt told employees on Wednesday that it plans to continue cutting costs to stem monthly losses that have more than tripled since summer 2021. And, in a sign that reality is finally piercing the Silicon Valley bubble, Bolt is now aiming this year to bring in customers that generate $8 billion of transactions, down from $20 billion.